Croatia: INA recorded 13.6 million euros net profit in 2016

, SEE Energy News

Croatian oil and gas company INA recorded gross profit in the amount of 81.7 million euros in 2015 compared to a loss of 180.3 million euros in 2015.

The company’s net sales revenues amounted to 209.9 million euros in 2016, which is 17 % less than in the previous year, while net profit in 2016 reached 13.6 million euros. The decrease in sales was attributed to lower crude oil and natural gas prices as well as to lower production. The financial report further states that exploration and production segment remained the main cash generator for the company and despite a 32 % drop in segment’s EBITDA, it recorded operative profit of 157.7 million euros in 2016.

INA’s capital investments were reduced by 16 % to 187 million euros in 2016 from last year’s 217 million euros. One of the major investments was the increase of interest in Bosnian oil company Energopetrol from 33 % to 67 %.

Domestic crude oil production increased by 12 % in 2016 due to well optimization and opening of two new wells – Selec and Djeletovci Zapad.

The Chairman of INA’s Management Board Zoltan Aldott said that after a long period of negative price environment and political turmoil in Syria, the situation in the second half of 2016 relatively stabilized, which was reflected in INA’s 2106 financial results as for the first time after several years no significant impairments were booked. Despite the unfavorable environment and cost optimization, almost all business indicators have improved in 2016, Aldott concluded.

Hungarian oil and gas company MOL owns 49.08 % of INA’s shares, while the Croatian state has 44.84 % stake in the company.